As expected, on Monday, the USD/JPY reached for the 110.00 level, which it almost reached. The pair shortly traded above the 109.95 level before starting a decline.
By the middle of Tuesday's London trading hours, the pair had dropped down to the 109.70 level. During the decline, the rate passed three hourly SMAs, the weekly PP and the lower trend line of a medium scale channel up pattern.
Namely, the rate ignored all technical levels, as it reacts to news.
Economic CalendarUSD/JPY short-term daily review
On Monday, the USD/JPY currency pair tried to surpass the 109.95. During today's morning, the pair broke the lower boundary of the medium-term ascending channel.Hourly Chart
Since Monday, 71% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range 71% of pending orders were to sell and 29% were to buy.